Bitcoin (BTC) Price Analysis: Oversold But Bearish Sentiment Remains

On the daily RSI, the Bitcoin trade has found support at the 50 level. All trading involves risks. Likewise, OTC trade is also not considered a crime.

Stochastic is still heading south, though, and has some space to go before hitting the oversold levels. Stochastic is pulling high, however, so a repetition of the broken triangle support near the moving averages could take place before more sellers join. Stochastic indicates oversold conditions once again and may prove to be superior to signaling a return in buying pressure. Stochastic is pulling up from the oversold region, which means sellers are taking it easy for now. Stochastics has already reached the oversold level, though, and is turning higher to indicate that buyers are returning.

A significant step down could support the bearish sentiment, sending the price probably towards 2790, which was a strong barrier return in September 2017. Still, the positive sentiment was supported by an increase in coverage on a possible strong rebound before the closing of the year or bullish forecasts for the following year. The strong sentiment around token valuations offers comfort to investors, especially given the market environment moved in the first half of 2018.

The RSI has plunged into oversold while the Moving Average Convergence Divergence (MACD) is below the zero line. The RSI on the 4-hour chart had recently broken below handle 50 which indicates that the bears are now in possession of the market moment. The RSI is climbing half the channel through a neutral zone and the Stoch is lifting from the nearby oversold territory. RSI is still moving down to the signal that the sellers have the upper hand and could push for a bigger pullback. The stochastic RSI has recently produced a crossover to the oversold territory, which could lead to a positive correction.

With lower volume and lower news from US officials, the market reacted accordingly. Many people hear bear market and immediately think of red graphs, memes of the sinking Titanic, and a general sense of despair and misery. Similarly, the market is testing the level of 50 RSI daily at this time. When it comes to analyzing markets of all kinds, however, there are a number of different factors to consider. The Awesome Oscillatorindicated that the market is floating in the long term with minimal momentum, however, in the short term it is more on the bearish side. The cryptocurrency market, with the exception of Bitcoin, (BTC) has been falling in recent days.

In a few hours, the volume of exchange swept (once again), with investors crypto rushing to liquidate their holdings. The trade volume was below average, but it was the increase during the first days of June. Trading volume in cash Bitcoin has increased since our last market update, which is a positive sign.

The price is currently consolidating near the $ 9.500 support and remains at risk of further losses. Within a given day, there are price fluctuations moving up and down continuously. Meanwhile, the price is hovering at $ 7,961 and is below rising trendline support in the short term. digital asset prices have been plunging in value again after a few days of price consolidation.

Bitcoin’s struggle to stay above $ 8,000 failed to yield as the price dipped to $ 7,900. Bitcoin price makes a return below $ 8,000 after hitting a snag at $ 8,050. Looking at the chart, it is clearly trading a downtrend below $ 9,800 and $ 10,000. From a fundamental point of view, the price of bitcoin is trading at the back of a volatile week that has been characterized by chaotic cryptocurrency trade in between selling pressure.